Copper has spent 2026 setting records, touching an intraday COMEX high of $6.71 per pound on May 13 amid AI-driven demand and supply shocks, against a backdrop where the ICSG now forecasts a 150,000-tonne deficit for 2026. In a market this tight, where the deficit thesis turns on lost tonnes, the question of where the world's copper actually comes from carries unusual weight.
